BALANCED INNOVATION
Navigating legacy technology obsolescence and innovation in Medtech
THRIVING IN MEDTECH REQUIRES A BALANCED INNOVATION STRATEGY
How does your organization ensure that decisions you’re making regarding your portfolio align with both current customer needs and anticipate future needs?
In a recent webinar, hosted by MassMEDIC, MedAcuity and a panel of industry experts discussed how they navigate the delicate balance between product innovation, sustaining innovation, and strategic obsolescence. They believe that there is no ‘either or’ to finding the right path forward for an organization. It comes down to applying a strategic mindset that is proactive rather than reactive.
Read our panelists’ key insights from the discussion to uncover actionable strategies that could reshape your organization’s approach to innovation.
Watch the webinar on demand here.
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KEY INSIGHTS
ACHIEVING BALANCED INNOVATION
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Define 'Legacy'
Establish a precise or clear definition of ‘legacy’ within your organization. Foster a culture that values and understands the importance of both legacy and new products.
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ESTABLISH SYSTEMS THINKING AS A CORE CAPABILITY
Foster strength in systems thinking as a core capability to enhance innovation by understanding interdependencies, aligning stakeholder objectives, and balancing short and long-term goals.
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Ask the Right Questions
Keep working to uncover unmet customer needs by repeatedly asking, “what problems are we solving for whom?”
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TRANSFORM YOUR APPROACH
Treat your products, business models, and processes as systems. Foster ongoing evolution of these systems and prioritize adaptability to drive sustained success.
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NO MORE 'SET IT AND FORGET IT' THINKING
Ditch the ‘set it and forget it’ mindset. Adopt an ongoing strategy of understanding and monitoring software and its supportability to stay resilient in the ever-evolving cybersecurity climate.
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FACILITATE EFFECTIVE COMMUNICATION AND COLLABORATION
Establish PLM guidance boards for effective communication, conflict resolution, and customer-focused enterprise PLM matters.
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ADOPT A HOLISTIC APPROACH
Formulate a comprehensive strategy for product maintenance, expansion, and continuous innovation with a global mindset.
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CULTIVATE A CULTURE OF EXCELLENCE
Nurture a culture of continuous improvement. Hire and retain the best talent and ensure they are empowered to tap into their intrinsic drive for innovation.